1. Shares or units in CIUs shall qualify as liquid assets of the same level as the liquid assets underlying the relevant undertaking up to an absolute amount of EUR 500 million (or equivalent amount in domestic currency) for each credit institution on an individual basis, provided that:

(a) the requirements in Article 132(3) of Regulation (EU) No 575/2013 are complied with;

(b) the CIU invests only in liquid assets and derivatives, in the latter case only to the extent necessary to mitigate interest rate, currency or credit risk in the portfolio.

2. Credit institutions shall apply the following minimum haircuts to the value of their shares or units in CIUs depending on the category of underlying liquid assets:

(a) 0 % for coins and banknotes and exposures to central banks referred to in Article 10(1)(b);

(b) 5 % for level 1 assets other than extremely high quality covered bonds;

(c) 12 % for extremely high quality covered bonds referred to in Article 10(1)(f);

(d) 20 % for level 2A assets;

(e) 30 % for level 2B securitisations backed by the subcategories of assets referred to in points (i), (ii) and (iv) of Article 13(2)(g);